Financing for bikes

Since I'm in the unfortunate position of being in the market for a new bike, I was looking at some of my options.  One of my posibilities is the Trek 520, which is on sale at Village Cycle Center.  I was looking at their site and noticed that they noted a financing plan.  Normally, I don't finance anything and try to pay my credit card in full each month.  Since I'd like to get back in a good saddle as soon as possible and since this offers no interest for a year, I'm somewhat tempted.

 

Has anyone else done this?  Any hidden catches? Any other thoughts on this? Anyone have a 520 they want to sell cheap?

 

 

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Permalink Reply by Ian on August 31, 2010 at 9:37am
Sorry to read about your stolen bike, Jami.

Check your credit cards! Some of the card issuers offer some protection against theft, loss, damage... if the item was purchased within a certain time frame. For a bike purchase this seems like a good back-up insurance policy.

not to get too far afield of the thread, but Kevin and Howard are right, of course - I had an issue and chose not to make a Homeowner's claim realizing the couple of thousand it would have reimbursed me was a loss after rate increases and drop risk.

H3N3 said:
Partially agree.
If I had renter's insurance I would keep a low deductible and claim a stolen bike. Not the end of the world if your rate goes up (or if you;re cancelled.) In regard to homeowner insurance-- I've heard (from insurance folks) that "2 claims you're dropped" is standard post 9/11, so I keep a high deductible and wouldn't think of using it for anything short of my meth lab blowing up. Homeowner's insurance is a requirement of mortgagers, renter's is not.

Kevin Conway said:
Homeowner's and renters' policies should typically be reserved for disaster insurance; e.g. the meth lab in the basement blows up and the entire contents of your home are lost, kinds of things. Insurance companies are in the business of collecting premiums and investing that premium income to expand their balance sheets. Paying out claims is bad for their business model. People who make claims against their policy get a bad "claims history," and are subject to higher rates and/or cancellation. If you have the kind of relationship with your agent which permits you to make a discreet inquiry, please do so before making the claim.

Ruben Dario said:
My understanding of that type of insurance is that it only covers if your bike is stolen from your home/apt, is this correct?

jamimaria said:

To everyone, if you can, make sure that you get renters or homeowners insurance. I know that I would be pretty devastated without it.

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